By Adria Calatayud

 

Compass Group PLC said Wednesday that pretax profit for the first half of fiscal 2021 fell sharply as revenue was hit by the coronavirus pandemic but it anticipates a gradual improvement in revenue in the third quarter.

The U.K. catering contractor said pretax profit for the six months to March 31 was 133 million pounds ($188.1 million) compared with GBP787 million for the same period last year.

Underlying operating profit for the period fell 65% to GBP290 million, with a margin of 3.4%.

Revenue for the half was GBP8.44 billion, down from GBP12.48 billion in the year-earlier period.

Compass said it anticipates a gradual improvement in revenue and an operating margin of between 4.5% and 5.0% in the third quarter.

"With the gathering pace of vaccination rollouts across our major markets, we are working closely with our clients to prepare to reopen their sites safely, although the picture across the world remains mixed," Chief Executive Dominic Blakemore said.

 

Write to Adria Calatayud at adria.calatayud@dowjones.com

 

(END) Dow Jones Newswires

May 12, 2021 02:36 ET (06:36 GMT)

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